SUPPLEMENTAL BALANCE SHEET INFORMATOIN

12 Months Ended

Dec. 25, 2021

Supplemental Balance Sheet Information [Abstract]

SUPPLEMENTAL BALANCE SHEET INFORMATION

SUPPLEMENTAL BALANCE SHEET INFORMATION

The composition of trade receivables and contract assets, net is as follows:

	December 25, 2021		December 26, 2020
	(in thousands)
Client receivables	$	489,452	$	489,042
Unbilled revenue	160,609		135,400
Total	650,061		624,442
Less: Allowance for credit losses	(7,180)		(6,702)
Trade receivables and contract assets, net	$	642,881	$	617,740

Net provisions of $1.7 million, $6.4 million, and $3.0 million were recorded to the allowance for credit losses in fiscal years 2021, 2020, and 2019, respectively.

The composition of inventories is as follows:

	December 25, 2021		December 26, 2020
	(in thousands)
Raw materials and supplies	$	33,118	$	28,317
Work in process	40,268		36,755
Finished products	125,760		120,623
Inventories	$	199,146	$	185,695

The composition of other current assets is as follows:

	December 25, 2021		December 26, 2020
	(in thousands)
Prepaid income tax	$	84,725	$	68,462
Short-term investments	1,063		1,024
Restricted cash	4,023		3,074
Other receivables	7,500		—
Other current assets	$	97,311	$	72,560

The composition of property, plant and equipment, net is as follows:

	December 25, 2021		December 26, 2020
	(in thousands)
Land	$	59,486	$	61,031
Buildings (1)	987,544		1,059,641
Machinery and equipment (1)	760,353		661,124
Leasehold improvements	141,525		104,967
Furniture and fixtures	22,520		31,489
Computer hardware and software (1)	210,582		193,622
Vehicles (1)	6,897		6,152
Construction in progress	205,141		92,325
Total	2,394,048		2,210,351
Less: Accumulated depreciation	(1,102,980)		(1,085,993)
Property, plant and equipment, net	$	1,291,068	$	1,124,358

(1) These balances include assets under finance leases. See Note 16, “Leases.”

Depreciation expense in fiscal years 2021, 2020 and 2019 was $140.7 million, $123.0 million and $108.6 million, respectively.

The composition of other assets is as follows:

	December 25, 2021		December 26, 2020
	(in thousands)
Venture capital investments	$	149,640	$	197,100
Strategic equity investments	51,712		24,704
Life insurance policies	51,048		43,827
Other long-term income tax assets	18,690		23,485
Restricted cash	1,077		1,621
Long-term pension assets	39,582		31,915
Other	41,140		29,974
Other assets	$	352,889	$	352,626

The composition of other current liabilities is as follows:

	December 25, 2021		December 26, 2020
	(in thousands)
Current portion of operating lease right-of-use liabilities	$	33,267	$	24,674
Accrued income taxes	26,161		24,884
Customer contract deposits	59,512		42,244
Other	18,701		10,675
Other current liabilities	$	137,641	$	102,477

The composition of other long-term liabilities is as follows:

	December 25, 2021		December 26, 2020
	(in thousands)
U.S. Transition Tax	$	43,057	$	48,781
Long-term pension liability, accrued executive supplemental life insurance retirement plan and deferred compensation plans	104,944		96,492
Long-term deferred revenue	20,578		19,475
Other	74,280		40,467
Other long-term liabilities	$	242,859	$	205,215